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China has its people put a floor under gold price, Maguire tells LFTV
7:16a GMT Saturday, May 18, 2024
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire tells this week's "Live from the Vault" program from Kinesis Money that repeated attempts by the U.S. Federal Reserve to knock down the price of gold via sale of futures contracts in New York just continue to feed Chinese demand for real metal as the contracts are converted to deliverable instruments in London.
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Maguire asserts that the Fed is now the only central bank that is short gold and that the Chinese government has put a rising floor under the gold price by encouraging its people to acquire the metal as well.
He says the plan for a Russian-advocated "BRICS" gold-based trading currency is being actively tested and has discovered more interest than originally expected.
He adds that there just are not enough commodity trading houses still willing to undertake and stick with short positions on gold to help suppress the price..
The program is 45 minutes long and can be seen at YouTube here:
https://www.youtube.com/watch?v=NMr8wS04NcU
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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